by J. Brooks Terry
Staff Writer
After a year and a half of research and back and forth negotiations, representatives from LB Jax Development are hoping to purchase the old Barnett Bank building on West Adams Street by early next week.
Built in 1926, the 100,000-square-foot building would serve as a mixed-use property and, after an extensive restoration, be rechristened The Barnett.
“We don’t want to hide what this building was,” said Lisa King, an associate with LB Jax. “It’s truly amazing and we plan to keep a lot of the historical aspects of the building intact when we’re finished.”
LB Jax president Mike Langton concurred.
“It was the first skyscraper of its size for a really long time and it’s in the best location downtown, in my opinion,” said Langton. “We see it serving four different purposes.”
The first component of the project, and likely the first renovation phase to be completed, would be an upscale, boutique hotel.
“We see it as having 80 rooms, catering to the business traveler,” said Langton. “It would be full service and probably make use of a concierge service.”
With the City’s financial assistance, which is “critical” to the project’s funding according to Langton, LB Jax wants to have the hotel open in time for the 2005 Super Bowl.
“That’s definitely a priority,” he said. “We’re intent getting it done.”
Working in conjunction with the proposed hotel — LB Jax is currently having informal discussions with various chains — are 78 high end apartment lofts on the top six floors.
According to Langton, the lofts would likely be converted into condominiums after five years.
“They would have fabulous river views and they’re going to be on the higher end of the market,” said King.
Langton added the lofts would be similar to the lofts in the W.A. Knight Building across the street — they feature open spaces and hardwood floors — although with upgraded counter tops and amenities.
A third component to the project would be a ground level, five-star restaurant.
The fourth and final phase is, perhaps, the most obvious. Langton and King said the group is actively pursuing a bank to fill space on the first floor.
“That seemed like a natural fit from the beginning,” said King. “This building was built to be the headquarters of a bank so we knew we wanted to get one in there. We’re talking with a few different banks right now and they’re as excited about it as we are.”
Because the building is in relatively good condition — the heating and cooling systems need replacing — Langton and King said the time needed to complete the project would be significantly less than the amount required at The Carlington and 11 E. loft projects.
“It needs a little help,” said Langton, “but it’s in good shape and that helps. We’ve been looking at doing this for a while and we’ve expended a lot of energy to make it happen. We all hope we’re the ones who are responsible for the rebirth of that building.”